Hello friends, today we are going to dive into the fascinating world of real estate metrics. Whether you are a buyer looking for your dream home or a seller trying to navigate the market, understanding these numbers can greatly impact your decisions. So, let’s get started!
First, let’s take a look at the “Months Supply of Inventory.” This metric tells us how long it would take for all the current listings to sell, given the current sales pace. With a value of 3.87, it means that if no new listings were added, it would take approximately 3.87 months to exhaust the existing inventory. A lower number indicates a seller’s market, where demand outpaces supply, potentially leading to higher prices.
Now, let’s examine the “12-Month Change in Months of Inventory.” This metric helps us understand how the inventory levels have changed over the past year. With a negative value of -32.11%, it reveals a significant decrease in the number of months it would take to sell all the inventory compared to the previous year. This indicates a tightening market, which can create a sense of urgency for buyers and potentially result in higher prices for sellers.
Moving on, we have the “Median Days Homes are On the Market,” which gives us an idea of how quickly homes are selling. In this case, the median number is 39 days. A lower number suggests a faster-paced market, where buyers must act swiftly to secure their desired property. Conversely, a higher number could indicate a slower market, providing buyers with more time to make a decision.
Next, let’s explore the “List to Sold Price Percentage.” This metric reveals the percentage of the original listing price that sellers are actually receiving when their homes are sold. With a value of 97.1%, it suggests that, on average, sellers are able to negotiate and achieve a price very close to their initial asking price. This can be an encouraging sign for sellers, as it implies a strong market with willing buyers.
Lastly, we have the “Median Sold Price,” which is currently at $461,500. This figure represents the middle point of all the sold prices in the market. It provides a snapshot of the overall price range and can be used as a reference for buyers and sellers when determining their own pricing strategies.
In summary, these real estate metrics provide valuable insights into the current market conditions. With a low “Months Supply of Inventory” and a significant decrease in the “12-Month Change in Months of Inventory,” we can infer a competitive seller’s market. The “Median Days Homes are On the Market” and the high “List to Sold Price Percentage” further support this notion, indicating a fast-paced market with strong buyer demand and sellers receiving offers close to their asking price. Lastly, the “Median Sold Price” gives us an idea of the price range in the market.
So, whether you are a buyer or seller, these metrics can help guide your decisions and strategies in the dynamic world of real estate.
If you have any questions and need help with market trends and updates, reach out to Jennifer Yoingco, REALTOR®, and her team in The Houston Suburb Group, so you can get ready to EXPERIENCE LIVING IN HOUSTON, TEXAS!
Jeanette San Luis is a blog contributor, a double degree major in BS Chemical Engineering and BS Nursing, and graduated Magna Cum Laude and Summa Cum Laude respectively. She has won numerous accolades and was named one of Houston Chronicles TOP 150 Outstanding Nurses in 2016 and 2019. In her dual role as a REALTOR®, she empathizes and understands the needs of her clients; therefore, you are in very good hands.
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